COMPETITIVE INTELLIGENCE: IMPORTANCE AND APPLICATION IN PRACTICE

Abstract

Paper represents positive effects of competitive intelligence (CI) usage in the process of strategic decision making within the company. We analyze current state of CI awareness in Serbian businesses, and influence of CI on business performance of companies operating in Serbia. Study provides empirical comparative data on competitive intelligence implementation practices in developed countries and Serbia. Survey results, based on summarising and comparative analysis of field data, indicate that there are small differences in practical implementation of CI between companies in Serbia and those in EU. We indentified differences between the CI practices in Japan and USA on one side, and EU countries and Serbia on the other. Research aim is to make an assessment of competitive intelligence systems application in practice, and to provide necessary recommendations for companies based on the "best CI practices" in most developed countries, as well as basis for future studies.